Toyota unveils strategy to double profit

Toyota is to give more marketing control to its regional divisions as part of an overhaul of its corporate strategy aimed at doubling profit.

The Japanese car manufacture has revealed a new global strategy and corporate philosophy as it attempts to regain its reputation for quality vehicles following a number of product recalls.

Toyota aims to make 1 trillion yen (£7.4bn) profit and raise its profit margin to 5% “as soon as possible”. This is up from the 550 billion yen (£4.1bn) and 2.9% profit margin it expects to achieve in the year to the end of March.

Toyota also plans to add 10 more hybrid models, fuel cell and electric vehicles by 2015 in a bid to focus on models that minimise environmental impact.

It plans to position its Lexus sub-brand as a “truly global premium brand” to strengthen its appeal.

Toyota has also reasserted its commitment to quality In the wake of nearly 20 million vehicle recalls in two years, and says safety is its highest priority.

Toyota remains the world’s biggest carmaker. Sales grew 8% to 8.4 million vehicles last year.

The Japanese car manufacturer says its global vision to redefine its business values is based on lessons it has learned from the global downturn and the product recalls that have blighted the past 18 months.

It outlines the values Toyota should have and the kind of organisation it should be under the slogan: “Rewarded with a smile by exceeding your expectations”.

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